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Instead of allowing a race to the bottom in terms of the cost of providing advice, financial advisers should be accurately assessing what their advice is worth and charging accordingly.
In a similar way to mortgage brokers, life/risk advisers are going to have to make their case if they want to retain commission-based remuneration structures.
The Australian Securities and Investments Commission has prosecuted many people for operating without an Australian Financial Services License but it appears no one has been prosecuted for using the restricted term “financial adviser” or “financial planner”.
It took a Government Senator with a significant policy background in financial advice to speak sense on the folly of implementing annual opt-ins just because the Royal Commission said so.
Wholesale clients should have the financial capability and knowledge necessary to rely on professional indemnity insurance rather than accessing the proposed new compensation scheme of last resort.
